Syndicate Bank cuts lending rates

Mumbai, Feb 18 (IANS) State-run Syndicate Bank Monday announced reduction in lending rates on housing loans, consumer credits and loans to women entrepreneurs and small and medium enterprises (SMEs) ranging from 0.25 percent to 1.50 percent. According to an official release, the interest rate on housing loans has been reduced by 25 basis points for loans up to Rs.2 million ($50,299).

To increase the flow of credit to small-scale industries (SSI) and SMEs, the rate of interest has been revised from 25 basis points to one percent depending upon rating of the clients.

It further said that interest rates have been reduced by one percent on the loans offered under bank’s Synd Mahila scheme to women.

The bank has also decided to make the consumer credit cheaper by 1.50 percent in both personal and consumer durables for salaried class where salary is credited to bank’s account.